Even More Trouble For THQ As They Default On A $50m Credit Facility

We already know that THQ is in big trouble, where things aren’t looking very good financially. Their share price has dropped dramatically, and it doesn’t seem to be getting any better for the firm.

Despite that, a new report has been released and it states that THQ has defaulted on part of a $50-million credit facility from Wells Fargo. The conditions of the credit facility aren’t yet clear, however THQ said that they caused “one or more events of default”.

Then, in recent communications with the US Securities and Exchange Commission, THQ said, “The company is currently in discussions with Wells Fargo regarding the asserted defaults and believes that it will reach an agreement with Wells Fargo with respect to such defaults.

“Wells Fargo has continued to fund requests from the company after September 30, 2012 while Wells Fargo and the company attempt to reach an agreement. There can be no assurance, however, that the company will achieve an agreement with Wells Fargo.”

Wells Fargo is calling for money back, as one year of a four year term has lapsed. While this does looks grim, THQ still has another three years to pay back the outstanding amount. However, despite the payment period, a default could lead to further issues where Wells Fargo could call for liquidation if they are unsure on whether or not they will get their money back. If that is the case, it means trouble for upcoming games such as South Park: The Stick of Truth and Metro: Last Light.

THQ is effed beyond all reason man. I believe the term is “FUBAR”. So much bad management. So much bad games. It’s sad but needed. The games industry doesn’t need kuk games like WWE.

NeoN

lol, there was a time when I jammed those WWE games like 24/7. Royal Rumble FTW! xD

Michael Matusowsky

There was this bug/exploit in one of the games with this character called Rikishi. You pressed left circle (grapple move) near the top left buckle. Instantly threw the wrestler out of the ring. Was the only character you could do it with. Oh the lols that could be had. Also remember in that version when the CPU became a “special referee”, they’d be biased against the last wrestler that whacked them, intentional or not. So he’d count really slow for you if you whacked him or really fast if the other wrestler did. Such retarded bugs/exploits.

NeoN

The Special Referee one I do remember, was pretty funny how blatantly slow/fast they counted.

sage of the six paths

How many time must I say that they make more games than just WWE, and they’re better. Although WWE is like their Fifa.

Trebzz

So no Saints Row 4 :( but these things happen and I won’t lie I kind of like it :D